SpaceX is preparing to file its IPO prospectus with the U.S. Securities and Exchange Commission as early as this week or next, according to The Information. The reported valuation range is $1.5 trillion to $1.75 trillion, and the company is aiming to raise $75 billion. If completed at that size, the deal would become the largest IPO on record. Bloomberg and Reuters later confirmed the report.
Major Wall Street banks line up for the deal
The underwriting group includes Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley. The presence of four major investment banks points to the scale of the offering and the amount of market coordination required. The report said the expected listing date is June 2026.
Starlink stands at the center of the valuation case
Much of the market’s valuation logic appears tied to Starlink. SpaceX still operates a launch business, but Starlink is widely seen as the company’s main revenue driver. As its low-Earth-orbit satellite network expands, the service has reached a much larger commercial footprint.
By the end of 2025, Starlink had 9.2 million active users worldwide, roughly double the level from 15 months earlier. Full-year 2025 revenue exceeded $10 billion. Analysts’ estimates for 2026 revenue range from $15.9 billion to $24 billion. Those figures form the clearest financial basis for the valuation now being discussed.
Unified listing means investors get the full business mix
SpaceX is reportedly choosing to go public as a whole company rather than separating Starlink into a standalone listing. That structure matters. Investors would be buying exposure to a combined entity that includes a higher-margin satellite business and a capital-intensive launch operation, instead of a pure-play growth asset.
How much valuation support the market is willing to give the company will depend on whether investors believe Starlink can scale fast enough to offset the cost burden of launch operations. The current IPO narrative rests on several assumptions at once: continued user growth at Starlink, sustained revenue expansion, and a launch cost curve that keeps moving lower. The filing, if submitted, will give the market a more detailed view of those assumptions.